Vietnam takes steps to to launch legal framework for cryptocurrencies

Vietnam’s Deputy Prime Minister Le Minh Khai has assigned the Ministry of Finance to search for documents that need to be amended to complete a legal framework for cryptocurrencies, according to a report Monday. The project is being conducted alongside the ministries of justice, information and communications, as well as the State Bank of Vietnam. The basis of this project involves researching "the nature of virtual assets, electronic money and virtual money according to foreign experience and Vietnamese practice; the relationship with real assets, real money; and the role of virtual assets, electronic money, virtual money and the impact of virtual assets, electronic money, virtual money on the law," the report read. This initiative also aims to propose specific tasks, jobs and orientations to develop regulations for digital assets. The move comes after Vietnam’s former Prime Minister Nguyen Xuan Phuc in Aug. 2017 sought to establish a legal framework to manage cryptos, Blockworks